Digital twins are virtual digital replicas of physical assets, processes and systems which can help predict performance and identify areas for improvement through digital simulation and modeling. They have revolutionized many industries by enabling real-time optimization of products, equipment and facilities. Digital twins allow companies to reduce downtime, increase productivity and streamline maintenance by monitoring assets for abnormal behaviors, failures or inefficiencies. The growing importance of predictive maintenance, remote asset monitoring and optimization is driving increasing adoption of digital twin technology across various sectors.
The global Digital Twin Market is estimated to be valued at US$ 12.26 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing popularity of digital twin applications across various industries such as manufacturing, healthcare, infrastructure, retail and others is one of the major trends driving market growth. Companies are realizing the benefits of digital twins in product innovation, optimizing operations and reducing costs. For instance, manufacturers are using digital twins to create virtual prototypes, conduct simulations and optimize designs before production. Similarly, infrastructural digital twins are helping to predict equipment failures, minimize downtime and schedule maintenance. The ability of digital twins to provide real-time analytics and insights is finding increased usage for remote asset monitoring, especially post-covid. This has significantly accelerated the adoption of digital twin technology.
Segment Analysis
The global digital twin market is broadly divided into segments based on digital twin type, industry, and region. Within digital twin type, the system digital twin segment accounted for the largest market share in 2022 due to increasing demand for real-time simulation of complicated industrial equipment and infrastructure assets. The system digital twin helps optimize the performance as well as monitor and maintain the physical systems effectively throughout their lifecycle.
Key Takeaways
The Global Digital Twin Market Size is expected to witness high growth at a CAGR of over 3.1% during the forecast period from 2023 to 2030. The market size is projected to increase from US$ 12.26 Bn in 2023 to over US$ 18 Bn by 2030.
Regional analysis
North America dominated the global digital twin market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to large-scale adoption of digital twin solutions across industries such as aerospace, manufacturing and oil & gas in the region. High expenditure on digital technologies by both public and private sectors and presence of key digital twin technology players in the region are some other factors contributing to North America's large market share.
Key players
Key players operating in the digital twin market are Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm. Hormel Foods Corporation and Tyson Foods Inc. have established themselves as the leading players by strengthening their digital twin offerings and expanding their geographic reach. Other players are focused on partnerships, collaborations and acquisitions to improve their global presence and offerings in the digital twin space.
For More Insights, Read: https://www.newsstatix.com/digital-twin-market-size-share-and-growth-forecast-2023-2030/
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